The Wolf Den #64 - Trades, Tips, News, Bitcoin And More
thewolfden.substack.com
This newsletter is sponsored by 2 amazing companies: VOYAGER and PHEMEX.I use Voyager for my spot trading and investing (and to compound interest) and I use Phemex for trading with leverage. Sign up to both with the links above and get some free Bitcoin. I really encourage you to check them both out - you know that I never endorse a product that I do not use!Make sure to use code SCOTT25 after you download the Voyager App to get $25 in free Bitcoin.Constructive civil discourse begins with respect.When I speak with friends and family and we disagree, we listen to the other side of the argument and generally come to an agreement. I am often swayed by the arguments of people I respect when I put aside my feelings and my need to be right and truly listen to the points that they are making.If people engaged one another with respect, we would see far more reasonable compromise. Instead, we live in a world where the first reaction is name calling and sweeping generalizations to fit our own vehemently defended biases, regardless of the cognitive dissonance that maintaining them often requires.Listening to a well considered and researched argument on a topic, even if it directly opposes our own views, is the way that we learn and grow, increase our knowledge and become better people.Have “Strong Opinions, Weakly Held,” an idea first discussed by Paul Saffo.Have the wisdom and the courage to act on your knowledge AND the humility to doubt what you know. Be willing to change your opinion when presented with compelling evidence of the other side.When I was younger and used to debate topics, I had to go to the library, do research and strongly consider my true feelings. We did not have an overabundance of information and were not exposed to fake news. We did not have the internet. We were easily able to discern facts, think deeply on a position and share that position with other people. We were forced to put in a major effort to find the information we desired. This set a great foundation for the way that I approached life as an adult, although there were plenty of times when I faltered.I specifically remember my teachers and parents encouraging me to bring index cards with me everywhere I went, so that I could record the important facts that I read when I was doing research or out in the world. I had hundreds of these cards that I would refer back to when doing school work or having a conversation about a topic.Now we have the benefit of endless information. Free flowing and readily available information "should" help to inform the public and make everyone more intelligent. Unfortunately, it seemingly has the opposite effect, dumbing down the masses with one line hot takes and clickbait headlines. Free flowing information allows for the perpetuation of endless false news and narratives. Without viewing all information through the lens of a skeptic, an individual is likely to develop poorly informed opinions and hold them as definitive truths, in other words Strong Opinions, Strongly Held. That's where we are currently at with politics and as a population. It's far easier to be lazy and believe everything that you read in your echo chamber than to seriously consider the information you consume and formulate a rational opinion.Take a long hard look at yourself in the mirror. Are you someone who simply reads a headline of an article and shares the story blindly, or are you the type to read the entire article to judge it's worthiness before formulating an opinion? Do you find yourself emotionally reacting to opinions (or even facts) that violate your personal feelings on a topic? Can you fit all of your beliefs into the simple classifications of "left" or "right"? If this is you, it's essential that you change your ways and start to dig deeper into your true convictions. This will make you a better person, but also a far better trader and investor.I went through a deeply religious phase when I was a teenager, which I arrived at without the encouragement of my family or friends. The reality is, I was easily swayed at that time by a youth group that I joined, and becoming more religious was a part of fitting in. Even though I had been taught to "think for myself" as described above, I did not truly consider the teachings that I was spreading, but rather accepted them as gospel because I was "faithful" and failed to consider the obvious cognitive dissonance I was perpetuating between reality and those teachings. When I went to college and started thinking more for myself, I came to vastly different conclusions. Years of reading and self reflection eventually led me to the opposite place - a skeptic who believes deeply in science and therefore questions my former spiritual beliefs. My strong opinions on religion were weakly held and I was able to change my opinions.I truly believe that my success as a trader has come from my ability to think for myself, drown out noise, eliminate emotion and act with conviction based on the information that I deem appropriate through thorough research. As you all know by now, I was TERRIBLE at trading before I came to this conclusion - I was emotionally gambling, unwilling to take a loss because I cared more about being right than being profitable. That is no way to trade and certainly no way to live.This is why it is essential that you develop a system as a trader, test that system and adjust it when new information is presented. It is even more important that you trust this system and have conviction that it will be profitable over time.Eliminate bias from your life. Remain skeptical. Consume facts. Form opinions. Be willing to change. Make money.Strong Opinions, Weakly HeldSide note: I often share stock charts, but in the past few weeks have made it clear that I believe the market is irrational and difficult to trade. When there's no rational feel for the market, I do not see a reason to trade it. That's why I am generally withholding stock charts for now, except for the one company that I shared below and SPY. I was VERY successful shorting through early April, then took an extended break from trading stocks.To my free members (I love you!) - paid members receive emails like this at least 2 times a week - sometimes up to 5. Every Thursday I chart any request sent by my paid members, often over 30 or 40 charts. It’s a ridiculous amount of work, but I do my best to add real value to anyone who subscribes. If you would like to join the paid side, you can do so for $15 a month here.https://www.getrevue.co/profile/TheWolfDen/membersThis will give you access to everything that I have ever written. If you cannot use a credit card, please contact me directly to pay with crypto by responding to this email or sending me a DM on Twitter.I have included a section called "Previous Successful Trades" at the bottom for free members to see some of the better setups that I have posted in the past few weeks. Some of these were in the last FREE newsletter!What’s in this issue?Bitcoin Thoughts And AnalysisThe Wolf Of All Streets Podcast Ft. Beniamin MincuTernio BlockCard - ReviewTrading Tip - Put Losses And Mistakes Behind YouMass Migration From CoinbaseThe US Refuses To Disclose Bailout RecipientsAltcoin TradesStock ChartsCan Crypto Traders Write Off Unlimited Losses?Phemex - The Best Derivatives ExchangeVoyager - No Fee Trading, Interest and InsuranceHow To Identify And Trade GapsMy Recommended Platforms And ToolsPrevious Successful Trades
The Wolf Den #64 - Trades, Tips, News, Bitcoin And More
The Wolf Den #64 - Trades, Tips, News…
The Wolf Den #64 - Trades, Tips, News, Bitcoin And More
This newsletter is sponsored by 2 amazing companies: VOYAGER and PHEMEX.I use Voyager for my spot trading and investing (and to compound interest) and I use Phemex for trading with leverage. Sign up to both with the links above and get some free Bitcoin. I really encourage you to check them both out - you know that I never endorse a product that I do not use!Make sure to use code SCOTT25 after you download the Voyager App to get $25 in free Bitcoin.Constructive civil discourse begins with respect.When I speak with friends and family and we disagree, we listen to the other side of the argument and generally come to an agreement. I am often swayed by the arguments of people I respect when I put aside my feelings and my need to be right and truly listen to the points that they are making.If people engaged one another with respect, we would see far more reasonable compromise. Instead, we live in a world where the first reaction is name calling and sweeping generalizations to fit our own vehemently defended biases, regardless of the cognitive dissonance that maintaining them often requires.Listening to a well considered and researched argument on a topic, even if it directly opposes our own views, is the way that we learn and grow, increase our knowledge and become better people.Have “Strong Opinions, Weakly Held,” an idea first discussed by Paul Saffo.Have the wisdom and the courage to act on your knowledge AND the humility to doubt what you know. Be willing to change your opinion when presented with compelling evidence of the other side.When I was younger and used to debate topics, I had to go to the library, do research and strongly consider my true feelings. We did not have an overabundance of information and were not exposed to fake news. We did not have the internet. We were easily able to discern facts, think deeply on a position and share that position with other people. We were forced to put in a major effort to find the information we desired. This set a great foundation for the way that I approached life as an adult, although there were plenty of times when I faltered.I specifically remember my teachers and parents encouraging me to bring index cards with me everywhere I went, so that I could record the important facts that I read when I was doing research or out in the world. I had hundreds of these cards that I would refer back to when doing school work or having a conversation about a topic.Now we have the benefit of endless information. Free flowing and readily available information "should" help to inform the public and make everyone more intelligent. Unfortunately, it seemingly has the opposite effect, dumbing down the masses with one line hot takes and clickbait headlines. Free flowing information allows for the perpetuation of endless false news and narratives. Without viewing all information through the lens of a skeptic, an individual is likely to develop poorly informed opinions and hold them as definitive truths, in other words Strong Opinions, Strongly Held. That's where we are currently at with politics and as a population. It's far easier to be lazy and believe everything that you read in your echo chamber than to seriously consider the information you consume and formulate a rational opinion.Take a long hard look at yourself in the mirror. Are you someone who simply reads a headline of an article and shares the story blindly, or are you the type to read the entire article to judge it's worthiness before formulating an opinion? Do you find yourself emotionally reacting to opinions (or even facts) that violate your personal feelings on a topic? Can you fit all of your beliefs into the simple classifications of "left" or "right"? If this is you, it's essential that you change your ways and start to dig deeper into your true convictions. This will make you a better person, but also a far better trader and investor.I went through a deeply religious phase when I was a teenager, which I arrived at without the encouragement of my family or friends. The reality is, I was easily swayed at that time by a youth group that I joined, and becoming more religious was a part of fitting in. Even though I had been taught to "think for myself" as described above, I did not truly consider the teachings that I was spreading, but rather accepted them as gospel because I was "faithful" and failed to consider the obvious cognitive dissonance I was perpetuating between reality and those teachings. When I went to college and started thinking more for myself, I came to vastly different conclusions. Years of reading and self reflection eventually led me to the opposite place - a skeptic who believes deeply in science and therefore questions my former spiritual beliefs. My strong opinions on religion were weakly held and I was able to change my opinions.I truly believe that my success as a trader has come from my ability to think for myself, drown out noise, eliminate emotion and act with conviction based on the information that I deem appropriate through thorough research. As you all know by now, I was TERRIBLE at trading before I came to this conclusion - I was emotionally gambling, unwilling to take a loss because I cared more about being right than being profitable. That is no way to trade and certainly no way to live.This is why it is essential that you develop a system as a trader, test that system and adjust it when new information is presented. It is even more important that you trust this system and have conviction that it will be profitable over time.Eliminate bias from your life. Remain skeptical. Consume facts. Form opinions. Be willing to change. Make money.Strong Opinions, Weakly HeldSide note: I often share stock charts, but in the past few weeks have made it clear that I believe the market is irrational and difficult to trade. When there's no rational feel for the market, I do not see a reason to trade it. That's why I am generally withholding stock charts for now, except for the one company that I shared below and SPY. I was VERY successful shorting through early April, then took an extended break from trading stocks.To my free members (I love you!) - paid members receive emails like this at least 2 times a week - sometimes up to 5. Every Thursday I chart any request sent by my paid members, often over 30 or 40 charts. It’s a ridiculous amount of work, but I do my best to add real value to anyone who subscribes. If you would like to join the paid side, you can do so for $15 a month here.https://www.getrevue.co/profile/TheWolfDen/membersThis will give you access to everything that I have ever written. If you cannot use a credit card, please contact me directly to pay with crypto by responding to this email or sending me a DM on Twitter.I have included a section called "Previous Successful Trades" at the bottom for free members to see some of the better setups that I have posted in the past few weeks. Some of these were in the last FREE newsletter!What’s in this issue?Bitcoin Thoughts And AnalysisThe Wolf Of All Streets Podcast Ft. Beniamin MincuTernio BlockCard - ReviewTrading Tip - Put Losses And Mistakes Behind YouMass Migration From CoinbaseThe US Refuses To Disclose Bailout RecipientsAltcoin TradesStock ChartsCan Crypto Traders Write Off Unlimited Losses?Phemex - The Best Derivatives ExchangeVoyager - No Fee Trading, Interest and InsuranceHow To Identify And Trade GapsMy Recommended Platforms And ToolsPrevious Successful Trades